Meanwhile, its four-year rate has fallen 50 basis points to 5. 09 per cent. “The unemployment numbers that came out in Australia a few days back, that impacted the swap rate, so funding costs have dropped,” CBA's general manager of home loans, Clive van Horen, told Fairfax, in explaining the decision.
The move comes after the big four banks all reduced their five-year fixed mortgage rates last month to record lows below 5 per cent, with the decisions seen already having an impact on the market as borrowers seek to lock in low rates.
Read more here: Business Spectator